MN HF134

City of Plymouth may establish one or more tax increment financing (TIF) redevelopment districts limited to five specifically identified parcels in Hennepin County, including adjacent roads and rights of way.

The five-year rule period for TIF districts is extended to ten years, and Minnesota Statutes section 469.176, subdivision 4j does not apply to these districts.

TIF increments generated from the district may be expended on improvements to Hennepin County Road 47 outside the project area, with such expenditures deemed to occur within the district for statutory purposes.

Authority to approve a TIF financing plan under this section expires December 31, 2030.

The bill becomes effective the day after Plymouth's governing body and chief clerical officer comply with Minnesota Statutes section 645.021, subdivisions 2 and 3.